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TheStreet Open House

Ming Yang Forms Strategic Partnership With Reliance Group

Stock quotes in this article: MY









ZHONGSHAN, China, July 2, 2012 /PRNewswire-Asia/ -- China Ming Yang Wind Power Group Limited (" Ming Yang" or the "Company") (NYSE: MY), a leading wind turbine manufacturer in China, today announced that the Company, through Ming Yang Holdings ( Singapore) Pte. Ltd. ("Ming Yang Singapore"), its Singapore subsidiary, has entered into definitive agreements with Reliance Capital Limited and its related entities, forming part of Reliance Group ("Reliance"), one of India's largest private enterprises.

In addition, the Company has signed a Memorandum of Understanding ("MOU", together with the definitive agreements above mentioned, "Agreements") with Reliance Power Limited ("Reliance Power"), the largest private sector power company in India,  both, in capacity under development as well as Market Cap, to co-develop a large portfolio of clean energy projects.

Under the Agreements, Ming Yang Singapore plans to establish a joint venture with Reliance Capital by subscribing new shares to a significant stake in the share capital of Global Wind Power Limited ("GWPL"), a leading wind power solutions provider in India, in which Reliance Capital Limited and its related entities are currently the largest shareholders.

According to the MOU, China Ming Yang Wind Power Group Ltd. is expected to provide total engineering, procurement and construction ("EPC") solutions, including micro-siting, wind resource assessment studies, project financing and other services for the proposed projects for Reliance and third parties. Reliance is expected to play a supporting role in facilitating these proposed projects in addition to providing local market support.

J.P. Chalasani, Chief Executive Officer, Reliance Power Ltd., said, "We are pleased to welcome Ming Yang to India, through their investment in GWPL. Development of clean power is a key priority for India, and we at Reliance Power look forward to working with Ming Yang to further develop and enhance our portfolio in both, wind and solar energy."

"We are delighted to form this strategic partnership with Reliance; this is a milestone of Ming Yang's development in the Asian region, and in particular, India, which we believe is going to be one of the fastest growing renewable markets in the next few years," said Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang.

"Reliance is the leading player in India's utility sector, committed to clean energy development, and our strategic partnership is another strong endorsement of our capabilities in overseas markets, where we offer total solutions by combining equipment, technology innovation and financing support. This platform between Reliance and Ming Yang is expected to enable us to quickly capture and grow India and South Asia markets. We are confident that our international market development will gather great momentum and further drive the Company's growth," added Mr Zhang.

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